SurModics (SRDX) Reports Q3 EPS of $0.27, Revenues Beat; 'Raising Fiscal 2018 Revenue & EPS Guidance'

SurModics (NASDAQ: SRDX) reported Q3 EPS of $0.27, versus ($0.24) reported last year. Revenue for the quarter came in at $22.2 million versus the consensus estimate of $19.38 million.

Summary of Third Quarter Fiscal 2018 and Recent Highlights

• Revenue of $22.2 million, up 24.9%
• Raising revenue guidance range to $79.0 to $81.0 million
• GAAP EPS of ($0.20), Non-GAAP EPS of $0.27
• Acquisition of thrombectomy platform strengthens product pipeline

“We are pleased to report strong operating performance and meaningful advances on our strategic objectives during the quarter,” said Gary Maharaj, President and CEO of Surmodics. “We are on track to complete enrollment in our TRANSCEND U.S. pivotal clinical trial in fiscal 2019. The acquisition of Embolitech’s promising thrombectomy technology platform leverages our unique capabilities and advances our focus on developing highly differentiated products.”

As a result of revenue performance in the first nine months of fiscal 2018 and to reflect the Embolitech technology acquisition, Surmodics is raising its fiscal 2018 revenue and non-GAAP earnings guidance, while narrowing its diluted GAAP earnings guidance. Surmodics expects fiscal year 2018 revenue to range from $79.0 million to $81.0 million, up from previous expectations in the range of $75.0 million to $79.0 million. The Company expects diluted loss in the range of ($0.25) to ($0.30) per share as compared with the prior guidance of ($0.20) to ($0.35) per share. Non-GAAP diluted earnings guidance now ranges from $0.39 to $0.44 per share as compared with prior guidance of ($0.06) to $0.09 per share.

GUIDANCE:

SurModics sees FY2018 EPS of $0.39-$0.44, versus the consensus of ($0.16).

For earnings history and earnings-related data on SurModics (SRDX) click here.

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